Total/ Partial Disability Benefit Rider

Transcription

1 ULIP Accidental Permanent Total/ Partial Disability Benefit Rider Bajaj Allianz ULIP Accidental Permanent Total/ Bajaj Allianz Life Insurance Co. Ltd.

2 Bajaj Allianz We take pride in fulfilling all our families needs because we have always been their Hero. But, what if an unfortunate event hampers our ability to protect our families? Presenting Bajaj Allianz ULIP Accidental Total/Partial Permanent Disability Benefit Rider that provides financial protection to your family when you are not being able to do so. Making sure you remain your families hero today and always! Disability Benefits In the event of permanent disability to the Rider Life Assured due to an accident and if the disability is within 180 days from the date of an accident, the benefit amount payable is as given below: i) If the disability is permanent & partial disability, the benefit amount payable will be 50% of Rider Sum Assured and no further benefit for permanent partial disability will be payable ii) If an Accidental Permanent Partial Disability Benefit has not been received earlier under the rider and if the disability is permanent & total, the benefit amount payable will be the Rider Sum Assured and the rider will terminate thereafter iii) If an Accidental Permanent Partial Disability Benefit has already been received earlier under the rider; and if the disability is permanent & total and is within one year from the previous occurrence, the benefit amount payable will be 50% of Rider Sum Assured and rider will terminate thereafter iv) If an Accidental Permanent Partial Disability Benefit has already been received earlier under the rider, and if the disability is permanent & total and is at any-time after one year from the previous occurrence, the benefit amount payable will be the Rider Sum Assured and rider will terminate thereafter Death Benefit There is no death benefit under this rider. Maturity Benefit There is no maturity benefit under this rider. Important Details of the Bajaj Allianz Parameter Details Minimum Entry Age 18 years Maximum Entry Age 60 years Maximum Age at Maturity 65 years Rider Term As per base policy, subject to a minimum of 5 years and maximum of 47 years. It can be lower or equal to base policy term but cannot be higher than the base policy term Minimum Rider Sum Assured ` 50,000 Maximum Rider Sum Assured Products allowed with this Rider Sum Assured under the base policy, subject to maximum of ` 1,00,00,000 under all individual policies put together with the Company Sum Assured can be lower or equal to base policy sum assured but cannot be higher than the base policy Sum Assured. Please consult your Insurance Consultant or refer the Company website about the products under which this rider is available.

3 Rider Premium Charge Rider Premium Charge will be deducted by way of charges from the fund value of the base policy on each monthly due date of charge. The charge is based on the age of the Rider Life Assured and Rider Sum Assured as on the monthly due date Inclusion / Exclusion of Rider You will have the option to include or exclude the rider under the plan at monthly anniversary. In case of exclusion, the rider benefit will immediately cease and no further rider charge will be deducted. Once this rider is excluded, it can be added back again anytime subject to underwriting and future rider charge. Free Look Period Within 15 days [30 days in case this Policy is issued under the provisions of IRDAI Guidelines on Distance Marketing of Insurance Products] of the receipt of this Rider, you may, if dissatisfied with any of the terms and conditions for any reason, give the Company a written notice of cancellation along with reasons for the same, and return the Rider Document to the Company, subject to which the Company shall reverse the rider charges to the unit account after deduction of proportionate rider charge for the period of rider cover, expenses incurred on medical examination, if any, and stamp duty charges, if any Definitions i) Rider Life Assured is the person whose life is assured under this Rider ii) Disability means, disability of the Rider Life Assured as a result of bodily injury caused by an accident (a sudden unforeseen and involuntary event caused by external and visible means) and such injury shall within 180 days of its occurrence solely, directly and independently of any other cause, result in the Rider Life Assured s disability which must be permanent and either total/partial and must result in at least one of the following: 1. Accidental Permanent Partial Disability is defined as an event that must result in one of the following: (i) Loss of one eye; (ii) Loss of one leg (iii) Loss of one arm (iv) Loss of one foot; (v) Loss of one hand 2. Accidental Permanent Total Disability is defined as an event that must result in one of the following: (i) Loss of both eyes; (ii) Loss of both arms or both hands; (iii) Loss of one arm and one leg; (iv) Loss of one arm and one foot; (v) Loss of one hand and one foot (vi) Loss of one hand and one leg; (vii) Loss of both legs; (viii) Loss of both feet; (ix) Removal of lower jaw Loss of one/ both eye/s means total loss of vision in that/ both eye/s, certified by an ophthalmologist If the disability is due to amputation/ dismemberment, loss of hand will mean amputation/ dismemberment above wrist, loss of arm will mean amputation/ dismemberment above elbow, loss of feet will mean amputation/dismemberment above ankle and loss of leg will mean amputation/ dismemberment above knee If the disability is not due to amputation/dismemberment, loss will mean loss of usage of limb/s of motor-grade power 0/5, 1/5 or 2/5 only. In permanent total disability, both the limbs should have motor-grade power less than or equal to 2/5 The disability has to be certified by a registered medical practitioner.claim intimation should be received in writing within 60 days of occurrence of the disability The Disability Benefit is paid if and only if disability is detected as per above Disability Condition Exclusions The accidental disability benefit will not be payable in the following situations: Disability as a result of the Rider Life Assured committing any breach of law with criminal intent Disability of Rider Life Assured as a result of war, invasion, civil war, rebellion or riot

4 Disability as a consequence of the Rider Life Assured being under the influence of alcohol or drugs other than drugs prescribed by and taken in accordance with the directions of a registered medical practitioner Disability as a result of the Rider Life Assured taking part in any naval, military or air force operation Disability as a result of the Rider Life Assured participating in or training for any dangerous or hazardous sport or competition or riding or driving in any form of race or competition Disability of Rider Life Assured as a result of aviation, gliding or any form of aerial flight other than as a fare paying passenger on a civilian airline plying on regular routes and according to a scheduled timetable Disability of Rider Life Assured as a result of attempted self-injury whilst sane or insane Termination The rider will terminate: if the Rider Life Assured terminates the rider if fund value under the base plan is insufficient to deduct rider charges if the risk cover under the base plan is discontinued on the Policy anniversary in which the attained age is 65 years on maturity of the base plan on receipt of Accidental Permanent Total Disability Benefit About Bajaj Allianz Life Insurance Bajaj Allianz is a joint venture between Bajaj Finserv Limited and Allianz SE. Both enjoy a reputation of expertise, stability and strength. This joint venture company incorporates global expertise with local experience. The comprehensive, innovative solutions combine the technical expertise and experience of the 121 year old Allianz SE, and in-depth market knowledge and goodwill of Bajaj brand in India. Competitive pricing and quick honest response have earned the company the customer's trust and market leadership in a very short time. Disclaimer This rider sales literature gives the salient features of the rider only. The policy document is the conclusive evidence of the contract, and provides in detail all the conditions, exclusions related to the Bajaj Allianz. There is no variation in rider premium (charge) for gender or the smoker/non-smoker status of the Rider Life Assured. In case of sub-standard life, extra premium (by way of extra charge) may be levied based on the prevailing Board approved underwriting norms of the Company. Medical tests/examinations may be called for the same. Assignment: Section 38 of the Insurance Act, 1938 Assignment should be in accordance with provisions of sec 38 of the Insurance Act 1938 as amended from time to time. Nomination: Section 39 of the Insurance Act, 1938 Nomination should be in accordance with provisions of sec 39 of the Insurance Act 1938 as amended from time to time Prohibition of Rebate: Section 41 of the Insurance Act, 1938 No person shall allow or offer to allow, either directly or indirectly, as an inducement to any person to take out or renew or continue an insurance in respect of any kind of risk relating to lives or property in India, any rebate of the whole or part of the commission payable or any rebate of the premium shown on the policy, nor shall any person taking out or renewing or continuing a policy accept any rebate, except such rebate as may be allowed in accordance with the published

5 prospectuses or tables of the insurer. Any person making default in complying with the provisions of this section shall be punishable with a fine which may extend up to ten lakh rupees. Fraud, Misrepresentation & Forfeiture- Section 45 of the Insurance Act, 1938 Fraud, Misrepresentation and forfeiture would be dealt with in accordance with provisions of Sec 45 of the Insurance Act 1938 as amended from time to time. Contact Details Bajaj Allianz Life Insurance Company Limited, G.E. Plaza, Airport Road, Yerawada, Pune Reg. No.: 116 Fax: (020) BALIC CIN :U66010PN2001PLC SMS LIFE For any queries please contact: BSNL/MTNL (Toll Free) Any Mobile & Landline (Toll Free) Mail us : customercare@bajajallianz.co.in chat: bajajallianzlife.co.in/chat Bajaj Allianz (UIN : 116A014V02) BEWARE OF SPURIOUS PHONE CALLS AND FICTITIOUS/FRAUDULENT OFFERS IRDAI clarifies to public that - IRDAI or its officials do not involve in activities like sale of any kind of insurance or financial products nor invest premiums. IRDAI does not announce any bonus. Public receiving such phone calls are requested to lodge a police complaint along with details of phone call, number. For More Information: Kindly consult our Insurance Consultant or call us today on the TOLL FREE numbers mentioned above. This Sales Literature should be read in conjunction with the Benefit Illustration and Policy Exclusions. Please ask for the same along with the quotation. The Logo of Bajaj Allianz Life Insurance Co. Ltd. is provided on the basis of license given by Bajaj Finserv Ltd. to use its Bajaj Logo and Allianz SE to use its Allianz logo. Insurance is the subject matter of solicitation By submitting your contact details or responding to Bajaj Allianz Life Insurance Co. Ltd., with an SMS or Missed Call, you authorize Bajaj Allianz Life Insurance Co. Ltd. and/or its authorized Service Providers to verify the above information and/or contact you to assist you with the purchase and/or servicing. Insurance is the subject matter of solicitation. BJAZ-PB-0438 /13-Apr-15